St. Louis, MO, May 6--Solutia Inc. chief executive and chairman John C. Hunter will retire at the end of the month, and the chemical company said Wednesday it is making several changes in top leadership.
The changes come as Solutia continues in bankruptcy protection. A federal judge last month granted Solutia until July 14 to file its bankruptcy plan. Solutia and 14 of its U.S. subsidiaries filed for Chapter 11 protection in December after struggling under heavy financial obligations assigned to the company when it was spun off by Monsanto Co. seven years ago.
Hunter, who retires effective May 31, has led Solutia since 1999. He will be replaced as president and CEO by Jeffry N. Quinn, 45, who is currently Solutia's senior vice president, general counsel and chief restructuring officer.
Paul H. Hatfield, 68, a member of the board of directors since 1997, was elected non-executive chairman of the board.
Solutia also promoted Luc De Temmerman, 49, to senior vice president and chief operating officer from vice president and general manager; and named corporate controller and vice president James M. Sullivan, 43, as senior vice president and chief financial officer.
"This is an important juncture in Solutia's history," Hatfield said. "The company will continue to need proven, talented and focused leaders who are not only capable of dealing with the complex challenges we face today, but also have the ability to build an enduring future for the company."
Hunter said, "This is clearly the right team to lead Solutia at this critical time."
Solutia makes nylon products, films for laminated safety glass and aftermarket, water-treatment chemicals, heat-transfer fluids and aviation hydraulic fluid.
After its 1997 spinoff from the former Monsanto, Solutia was on the hook for retiree benefits, environmental and litigation costs accrued by Monsanto and Pharmacia over a century of manufacturing.
In 1999, Monsanto was acquired by Pharmacia & Upjohn to create Pharmacia Corp., which last year completed a spinoff of its biotechnology and agricultural businesses to form the current Monsanto Co. Pharmacia was acquired by Pfizer Inc. in April.
